Sorry, No Frappuccinos: Starbucks Will Not Be Accepting Crypto

Sorry, No Frappuccinos: Starbucks Will Not Be Accepting Crypto

Apologizing, Starbucks has cleared up that it won't be accepting Bitcoin (BTC) or any other digital money, disproving the deceiving reports published by Bloomberg and CNBC.

Headlines Leading to Confusion

August 3, the Intercontinental Exchange (ICE) operating New York Stock Exchange (NYSE) reported its plans to build a new “global platform and ecosystem for digital assets” called "Bakkt," together with global companies including Starbucks, BCG and Microsoft. 

The above-mentioned mainstream press outlets ran deceiving headlines – for example, CNBC's “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin” – straightforwardly declaring that the partnership means clients could buy drinks at Starbucks paying with cryptocurrency.

Sorry, We Don’t Accept This

The company’s representative explained in comments to Motherboard that Starbucks will not be accepting Bitcoin for coffee, yet rather the organization is now collaborating to create the platform Bakkt to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”

According to Motherboard, digital money like Bitcoin lacks places to use it, which made the media stick to the erroneously interpreted news. The actual idea is that the coffee retailer doesn’t seek for Bitcoin, but willing to help people spend them thus partnering with ICE.

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